San Francisco – May 29, 2024 – Salesforce (NYSE: CRM), the #1 AI CRM, today announced results for its first quarter fiscal 2025 ended April 30, 2024.

First Quarter Highlights

• First Quarter Revenue of $9.13 Billion, up 11% Year-Over-Year (“Y/Y”), up 11% in Constant Currency (“CC”), inclusive of Subscription & Support Revenue of $8.59 Billion, up 12% Y/Y
• First Quarter GAAP Operating Margin of 18.7% and non-GAAP Operating Margin of 32.1%
• Current Remaining Performance Obligation of $26.4 Billion, up 10% Y/Y, up 10% in CC
• First Quarter Operating Cash Flow of $6.25 Billion, up 39% Y/Y, and Free Cash Flow of $6.08 Billion, up 43% Y/Y
• Returned $2.2 Billion in the Form of Share Repurchases and $0.4 Billion in Dividend Payments to Stockholders

FY25 Guidance Highlights

• Initiates Second Quarter FY25 Revenue Guidance of $9.20 Billion to $9.25 Billion, up 7% – 8% Y/Y
• Maintains Full Year FY25 Revenue Guidance of $37.7 Billion to $38.0 Billion, up 8% – 9% Y/Y and Lowers Full Year FY25 Subscription & Support Revenue Growth Guidance to Slightly Below 10%   Y/Y & Approximately 10% in CC
• Lowers Full Year FY25 GAAP Operating Margin Guidance to 19.9% and Maintains non-GAAP Operating Margin Guidance of 32.5%
• Maintains Full Year FY25 Operating Cash Flow Growth Guidance of 21% to 24% Y/Y

“Our profitable growth trajectory continues to drive strong cash flow generation. Q1 operating cash flow was $6.25 billion, up 39% year-over-year. Q1 free cash flow was $6.1 billion, up 43% year-over-year, ” said Marc Benioff, Chair and CEO, Salesforce.  “We are at the beginning of a massive opportunity for our customers to connect with their customers in a whole new way with AI. As the world’s #1 AI CRM, we’re incredibly well positioned to help companies realize the promise of AI over the next decade.”

We are at the beginning of a massive opportunity for our customers to connect with their customers in a whole new way with AI. As the world’s #1 AI CRM, we’re incredibly well positioned to help companies realize the promise of AI over the next decade.

Marc Benioff, Chair and CEO, Salesforce

“We delivered another quarter of disciplined profitable growth, with GAAP operating margin of 18.7%, up 1,370 basis points year-over-year, and Non-GAAP operating margin of 32.1%, up 450 basis points year-over year,” said Amy Weaver, President and CFO of Salesforce. “We’ve also made significant progress on our capital return program, returning more than $14 billion to shareholders since inception, including the payout of our first ever quarterly dividend in Q1.”

Guidance

Our guidance includes GAAP and non-GAAP financial measures.

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The following is a per share reconciliation of GAAP diluted EPS to non-GAAP diluted EPS guidance for the next quarter and the full year:

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For additional information regarding non-GAAP financial measures see the reconciliation of results and related explanations below.

Management will provide further commentary around these guidance assumptions on its earnings call.

Product Releases and Enhancements

Three times a year Salesforce delivers new product releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments made over multiple years, designed to help customers drive cost savings, boost efficiency, and build trust.

To view our major product releases and other highlights as part of the Summer 2024 Product Release, visit: www.salesforce.com/products/summer-24-release.

Environmental, Social, and Governance (ESG) Strategy

To learn more about our latest initiatives and priorities, visit our recently published Stakeholder Impact Report: https://salesforce.com/stakeholder-impact-report.

Quarterly Conference Call 

Salesforce plans to host a conference call at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay details of the event will be available on the Salesforce Investor Relations website at www.salesforce.com/investor.